IPO
Unitree's 460% IPO Pop Was Normal for China
Unitree's robot maker debut surged 460% on its first day, an outcome that reflects the structure of Chinese IPO pricing rules more than unique enthusiasm for the company.
DEEP DIVE
The timeline — filing to first trade
Fastest registration-to-approval run in STAR Market history| Date | Milestone | Detail | Status | Source |
|---|---|---|---|---|
| Mar 20, 2026 | IPO application accepted | The Shanghai Stock Exchange accepts Unitree's STAR Market IPO application; its listing committee clears it on June 1. | Done | Caixin |
| Jul 2, 2026 | CSRC approves the listing | The China Securities Regulatory Commission approves Unitree's IPO registration 104 days after acceptance, a record pace for the STAR Market. | Done | Caixin (Jul 3) / Caixin (Jul 31) |
| Aug 5, 2026 | Book-building | Preliminary pricing inquiries with institutional investors run ahead of the public subscription. | Done | Gasgoo |
| Aug 6, 2026 | IPO priced — ¥150.80 (~$22.30)/share | ~40.44M shares priced for a ~¥6.1B ($904M) raise at a ~¥61B ($9.04B) valuation — above the ~$6.2B base guidance. DeepSeek joins as a strategic placement investor (933,399 shares, three-year lockup), alongside Tencent and state-owned strategic investors. | Done | Global Times / Caixin |
| Aug 10, 2026 | Public subscription opens | Online and offline subscriptions run simultaneously — the retail window for mainland investors. | Done | Gasgoo / Global Times |
| Aug 12, 2026 | Subscription payment due | Subscribing investors fund their allocations. | Done | Global Times |
| Aug 19, 2026 | STAR Market debut — +629% day one | Unitree surges as much as 629% at the open, from ¥150.80 to ¥1,100, then closes up about 460% at a market value near $50B. The retail tranche was more than 8,000 times subscribed. First publicly traded pure-play humanoid robotics company. | Done | TradingView / The Information / KraneShares |
| Sep 21, 2026 | Shares fall >50% from their opening price | A month after listing, Unitree stock has fallen more than 50% from its opening price, which had valued the company at $66B, as investors reassess the near-term pace of humanoid-robot commercialization. | Done | Nikkei Asia |
| Nov 5, 2026 | Stock at ¥688.56, ¥278.5B market cap | Shares have recovered from a ¥404.03 52-week low but remain below the Aug 19 debut close: at ¥688.56 (2:14pm CST) the market cap is ¥278.5B, about 357% above the ¥150.80 IPO price and about 37% off the ¥1,100 high. Seven analysts rate it Hold with an average target of ¥584.43. | Done | stockanalysis.com |
The field — where $9B ranks in humanoid robotics
First pure-play humanoid robotics company with a public, market-set price| Company | Status | Valuation | Key backers |
|---|---|---|---|
| Figure AI | Private (Series C) | $39B | Parkway VC, NVIDIA, Microsoft, OpenAI Startup Fund |
| 1X Technologies | Private | ~$10B | OpenAI, Tiger Global, Samsung |
| Unitree RoboticsThis IPO | Public — STAR Market (Aug 19, 2026) | ~$50B (day-one close) | ByteDance, Alibaba, Tencent; DeepSeek (placement); sponsor CITIC |
| Apptronik | Private (Series A ext.) | ~$5.3B | Google, Mercedes-Benz, B Capital |
| Agility Robotics | SPAC merger approved; Nasdaq: AGLT trading expected Nov 6, 2026 | ~$2.5B | Churchill Capital XI, SoftBank, Amazon |
| Tesla Optimus | Division of Tesla (~$1.5T) | No standalone value | Tesla shareholders |
Valuations as of August 2026 — private figures reflect last disclosed priced rounds. Full ranking and financials in our Unitree IPO valuation deep dive.
Go deeper on the Unitree IPO
This tracker carries the dates and the price. For the full financial picture — 2025 revenue of ~$235M growing 335% at 60% gross margins, the H1 2026 growth deceleration, the FCC Covered-List overhang, and how the $9B print compares to Figure AI's private $39B — read the analysis, and follow the story as it develops on the company hub.
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FOLLOW-UP
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FOLLOW-UP
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FOLLOW-UP
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BRIEF
Unitree's IPO Gives Humanoid Robotics a Real Price Tag
IPO
Unitree's IPO Gives Humanoid Robotics a Real Price Tag
Unitree's Shanghai IPO, with secondary-market chatter running toward $14.8 billion against a $6.2 billion base, is about to give the humanoid-robotics sector its first transparent public price -- a sharp contrast to Figure's opaque $39 billion private mark.
Unitree IPO — common questions
When did Unitree start trading?
Unitree began trading on Shanghai's STAR Market on August 19, 2026. The stock surged as much as 629% at the open, to ¥1,100, and closed up about 460%, valuing the company near $50 billion. The retail tranche of the IPO was more than 8,000 times subscribed. Unitree had priced at 150.80 yuan (~$22.30) per share on August 6, 2026, after the fastest CSRC approval in STAR Market history (104 days).
What is the Unitree IPO price?
150.80 yuan per share — roughly $22.30 at August 2026 exchange rates — announced August 6, 2026. Unitree is issuing about 40.44 million shares (10% of its enlarged share capital) to raise approximately 6.1 billion yuan (~$904 million). DeepSeek joined the deal as a strategic placement investor.
What is Unitree's valuation?
Unitree's market cap was ¥278.5 billion at ¥688.56 per share as of Nov 5, 2026 (2:14pm CST), per stockanalysis.com. After its roughly 460% first-day gain on August 19, 2026, the company was valued near $50 billion at the close, and $66 billion at the opening price, per Nikkei Asia — above Figure AI's $39 billion private valuation. The IPO itself had priced at a ~¥61 billion (~$9.04 billion) valuation.
Can US investors buy Unitree stock?
Not directly in most cases. Unitree lists on Shanghai's STAR Market, which is generally restricted to mainland Chinese investors, Qualified Foreign Institutional Investors, and Stock Connect-eligible accounts — a channel typical US retail brokerages don't offer. Realistic US exposure is indirect: China-focused ETFs such as KraneShares' STAR Market fund (KSTR) or its humanoid robotics fund (KOID), both expected to add Unitree after listing. Pre-IPO secondary marketplaces have shown indicative pricing but carry real liquidity and price-discovery risk.
Is Unitree profitable, and what are its financials?
Yes. Unitree was profitable in 2025: Caixin, citing the IPO filing, reported net profit of 591 million yuan on 1.7 billion yuan of revenue with gross margins above 60%, while stockanalysis.com lists 2025 net income of 278.2 million yuan, so the reported figure depends on the measure used. Revenue of about 1.708 billion yuan (~$235M) was up 335% year over year, and Unitree shipped 5,500+ humanoid robots in 2025 — more than any other company globally. The caution flag: first-half 2026 revenue growth decelerated to roughly 40% year over year.
What is Unitree's stock price now, and is it still falling?
No longer falling as sharply — it has recovered from a 52-week low of ¥404.03. Unitree (688836.SS, listed under its registered name Yushu Technology Co., Ltd.) traded at ¥688.56 per share as of Nov 5, 2026 (2:14pm CST), a market cap of ¥278.5 billion, per stockanalysis.com. That's about 357% above the ¥150.80 IPO price, but about 37% below its ¥1,100 52-week high and below the debut close. Nikkei Asia reported on Sep 21, 2026 that shares had fallen more than 50% from their opening price, which had valued the company at $66 billion. Seven analysts tracked by stockanalysis.com rate the stock Hold, with an average price target of ¥584.43.